London, April 27, 2023 (GLOBE NEWSWIRE) -- Rapidly thriving uptake of Artificial Intelligence by organizations, and governments primarily drives revenue growth of the global Artificial Intelligence market. The overall annual corporate investments are shooting, and the number of start-ups in the AI space is proliferating, which further strengthens the case for the AI market on a global front. A recent publication of Fairfield Market Research reveals how the global Artificial Intelligence market growth will unfold over the next few years. Poised to witness a stellar pace of growth, the global AI market is likely to represent a US$718.7 Bn industry toward the end of 2030.
“With an increasing number of AI companies showcasing commitment to adopting AI as a key tech aid, around 65 of them have already reached the US$1 Bn milestone. As per the ITA’s Global Artificial Intelligence Market Report, there has been 2x growth in worldwide AI funding in 2021 over that the previous year. The statistics look staggering, and the growth will be phenomenal,” states the analyst at Fairfield.
Key Research Highlights
- Global Artificial Intelligence market revenue poised to experience 31.2% expansion during 2022 – 2030
- Consumption of AI technology nears over 28% in BFSI industry
- North America’s AI industry accounts for more than 29% of the global market valuation
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Insights into Segmentation Analysis
Accounting for over 28% of the global AI industry valuation, the BFSI segment spearheads as the largest consumer industry of the technology. Increasing emphasis on AI adoption for financial analysis, FinTech applications, investment and portfolio management, and risk assessment predominantly uphold adoption in this segment. In addition, greater preference for AI in the wake of regulatory compliance is expected to underpin higher uptake of AI technology across BFSI sector. The e-Commerce segment follows, that accounts for a collective market share of more than 19%, with retail.
On the other hand, the demand from healthcare sector is likely to climb up at a notable pace as multiple use cases have been realized and are being worked upon. “AI-enabled bots, and other equipment can be potentially the most useful vehicles that drive industry’s journey toward better patient outcome. This will definitely be a strong push factor for the Artificial Intelligence market henceforth,” states the analyst.
Key Report Highlights
- The highest economic gains projected in North America, and China
- Key players keep service-based models at the heart of their strategic developments
- Adoption by healthcare sector to surge rapidly in the near future
Insights into Regional Analysis
Enjoying the first mover’s advantage, the US market for Artificial Intelligence technology remains at the forefront, says the report. The American AI Initiative 2019 has been a substantial driving force in addition to greater expenditure of governments on exploring the potential application of the technology. North America is thus expected to maintain dominance throughout the period of forecast, with a value share of over 29%. Europe also is highlighted as an important pocket.
On the other side, the Artificial Intelligence market of Asia Pacific stores a significant growth opportunity as the region houses a flourishing start-up sector with constantly improving funds. The market here currently accounts for over 25% of the global AI market revenue.
Leading Companies in Global AI Industry
In its strategic competitive analysis section, the report includes some of the significant companies that drive the global Artificial Intelligence market landscape. Some of the profiled players include Microsoft Corporation, IBM, Cisco Systems, Oracle, Sailpoint Technologies, Dell, Okta, CA Technologies, and Hitachi.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2021 | |
| Forecast Year | 2022 – 2030 | |
| Market Size in 2019 | US$29.9 Bn | |
| Estimated Market Size in 2030 | US$718.7 Bn | |
| CAGR | 31.2 % | |
| Key Players | Microsoft Corporation, IBM, Cisco Systems, Oracle, Sailpoint Technologies, Dell, Okta, CA Technologies, Hitachi | |
The Global Artificial Intelligence Market is Segmented as Below:
By Deployment Coverage
- On-Premises
- Cloud
By Organization Size Coverage
- Small and Medium Enterprises
- Large Enterprises
By Vertical Coverage
- BFSI
- Government & Defense
- Manufacturing
- Healthcare
- Retail & E commerce
- Transportation & Logistics
- Others
By Business Function Coverage
- Finance
- Security
- Human Resources
- Law
- Marketing & Sales
- Others
By Offerings Coverage
- Hardware
- Software
- Services
By Technology Coverage
- ML
- Natural Language Processing
- Context-Aware Computing
- Computer Vision
By Geographical Coverage
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Leading Companies
- Cisco Systems
- Microsoft Corporation
- Sailpoint Technologies
- Oracle
- DELL
- IBM
- HITACHI
- CA Technologies
- Okta
- Micro Focus
- Centrify Corp
Inside This Report You Will Find:
1. Executive Summary
2. Market Overview
3. Global Artificial Intelligence Market Outlook, 2019 - 2030
4. North America Artificial Intelligence Market Outlook, 2019 - 2030
5. Europe Artificial Intelligence Market Outlook, 2019 - 2030
6. Asia Pacific Artificial Intelligence Market Outlook, 2019 - 2030
7. Latin America Artificial Intelligence Market Outlook, 2019 - 2030
8. Middle East & Africa Artificial Intelligence Market Outlook, 2019 - 2030
9. Competitive Landscape
Learn More About the Report Inclusions, and Research Methodology: https://www.fairfieldmarketresearch.com/report/artificial-intelligence-market/more-information
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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